A mixed-use asset in Sydney's eastern suburbs has sold for $25.4 million following a competitive auction featuring a mix of high net-worth individuals.

Occupying a well-known corner near Bondi Beach, 286 -294A Campbell Parade incorporates six residential apartments and four ground-level shops occupied by longstanding tenants.

McGrath Double Bay Sales Agent William Manning, who conducted the sales campaign for the property along with Miron Solomons and Matt Pontey from Colliers International, told WILLIAMS MEDIA there had been "enormous" interest for the freehold property.

At a glance: 

• A mixed-use asset at 286 -294A Campbell Parade, North Bondi has sold for $25.4 million at auction.
• The freehold property includes six residential apartments and four ground-level shops occupied by longstanding tenants.
• The asset was marketed by McGrath Double Bay Sales Agent William Manning, in conjunction with Miron Solomons and Matt Pontey from Colliers International.

Source: McGrath

"Five parties registered to bid even though you don’t have to register to bid on a commercial building," he said.

"There were several authorised parties in the room who bid on behalf of some high net-worth individuals."

The auctioneer took 36 bids between the opener of $15 million through to the final winning bid of $25.4 million, with three parties left to battle it out at the end.

Source: McGrath 

Mr Manning said the new owners had not yet decided whether to invest, occupy or develop.

"Discussions are ongoing among the buyers as to what they’ll ultimately do with the building but there’s no doubt it’s an iconic investment property the likes of which we haven’t seen in a long time," he said.

"It was a fabulous result for both vendors and buyers."

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